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Updated on: Monday, November 29, 2021, 11:59 PM IST

Jack Dorsey quits as Twitter CEO, announces Indian-origin Parag Agrawal as successor

Jack Dorsey | File Image

Jack Dorsey | File Image

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Twitter co-founder Jack Dorsey will step down as CEO of the social media platform, the company has announced. He will be succeeded by Twitter's current Chief Technology Officer Parag Agrawal.

Dorsey will remain on the board until his term expires in 2022.

Agrawal has been CTO since 2017 and at Twitter since 2011.

In a letter posted on his Twitter account, Dorsey said he was “really sad...yet really happy” about leaving the company and that it was his decision.

Twitter’s stock, which has consistently underperformed the market, jumped more than 10 per cent at the opening bell Monday before trading was halted pending news.

CNBC had first reported that Dorsey was likely to step down soon, citing anonymous sources.

Twitter Inc. did not immediately respond to a request for comment from The Associated Press early on Monday. On Sunday, Dorsey had tweeted: ‘I love Twitter.’

Dorsey is also the top executive at Square, a financial payments company that he founded, and some big investors have openly questioned whether he could be effective leading both.

Last year, the company came to an agreement with two of those activist investors who had kept Dorsey in the top job and gave a seat on the company board to Elliott Management Corp., which owned about 4 per cent of Twitter’s stock, and another to Silver Lake.

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Published on: Monday, November 29, 2021, 11:59 PM IST
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